Lifting the Offer: Bitcoin trading analysis for the week of October 19, 2015

The bitcoin market delivered for bulls last week, many of whom have been anticipating a price breakout for weeks. The bitcoin price steadily increased throughout the week, logging five consecutive positive trading days from Monday to Friday. This week, traders will look for prices to hold firm at current levels early and build a base that could lead to larger gains later in the week.

Bitcoin Price Recap

The bitcoin price started the week in the low $240s and hit a high of $274 on Friday, a 14% intra-week increase. The weekend proved to be volatile as prices attempted to push through a key resistance level of $275, only to drop back down to the mid-$260s.

A possible catalyst for the price increase could be last week’s large Asia-based conferences, specifically the Blockchain Workshop in Hong Kong and the First Global Blockchain Summit in Shanghai. The Barclays and Chainalysis partnership could be another catalyst as it will help bring much-needed banking services to the digital currency industry.

Bitcoin by the Numbers

Bitcoin Trading Week Ahead

If the price of bitcoin holds strong through Wednesday, the market could experience a positive move later in the week that tests last week's resistance of $275. A continued drop in price will add substantial downward pressure to the market and make traders more likely to lock in their gains from the past week.

Bobby Cho is the Director of Trading at itBit and leads our Global OTC Agency Trading Desk. Previously, Bobby was Vice President of Trading at SecondMarket where he helped create the first broker-dealer based institutional bitcoin trading desk. He has extensive experience in both bitcoin and securities trading with clientele ranging from Fortune 500 companies, hedge funds, asset managers and other financial institutions.

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